1.) When someone believes him- or herself to be cool, but in actuality he or she is a nerd.
2.) Someone who is so uncool that they are somehow cool.
3.) Being able to be oneself and deviating from the norm without justification or apology, but being able to pull it off.

1.) Joslyn fancies herself to be all that and a bag of Doritos, but she's such a nerd! She has nerd swag!

2.) It's not that Elijah is a total nerd. He just really knows how to rock that nerd swag.

3.) Joslyn had to call Elijah to tell him about this great new show she watched called Charles in Charge, and when she called him he was watching Teenage Mutant Ninja Turtles III on VHS. They have nerd swag.

Typically used proceeding a # when updating your social media status, nerdswag denotes that you believe you're activities are typical of the stereotypical nerd. A "#nerdswag" in a post necessarily implies that you don't care what people think of your nerdy activity or achievement.

An easier way to think of it, is simply looking at the word. Nerd + swag = nerdswag. All the intellectual strengths of being nerd, and all the social benefits of having swag.

"I'm worried that this 1,000 word paper is gonna turn into a 2,500 word paper; and the professor only asked for 5 resources but I have 17. #nerdswag"